{"id":399319,"date":"2026-04-27T03:49:08","date_gmt":"2026-04-27T03:49:08","guid":{"rendered":"https:\/\/www.newsbeep.com\/nz\/399319\/"},"modified":"2026-04-27T03:49:08","modified_gmt":"2026-04-27T03:49:08","slug":"ufl-group-furniture-firm-goes-into-liquidation-owing-1-58m-including-to-ird","status":"publish","type":"post","link":"https:\/\/www.newsbeep.com\/nz\/399319\/","title":{"rendered":"UFL Group furniture firm goes into liquidation owing $1.58m including to IRD"},"content":{"rendered":"
UFL Group has since worked on spaces including Jarden House Lobby in Commercial Bay, and the Taranaki Base Hospital Renal Unit, according to its website.<\/p>\n
UFL Group (under the business name Weather Clearing) was placed into liquidation on April 8, 2026, by a special resolution of its shareholders.<\/p>\n
PKF Corporate Recovery & Insolvency\u2019s Christopher McCullagh and Stephen Lawrence were appointed joint liquidators.<\/p>\n
The company had two shareholders according to the New Zealand Companies Office, UFL Holdings (which held near 100%) and the company\u2019s sole director, Madeleine Reesby, the wife of Raymond.<\/p>\n
According to the liquidators\u2019 first report, the company operated from a rented premises in Auckland\u2019s Avondale.<\/p>\n
Based on conversations with the director Reesby, the liquidators said the company experienced a decline in sales as a result of the prevailing economic conditions, resulting in insufficient revenue to cover its overheads.<\/p>\n
As a result, shareholders elected to place the company into liquidation to conduct its orderly wind-up.<\/p>\n
Reesby has been approached for comment.<\/p>\n
UFL Group began as Nova Interiors, one of New Zealand’s formative modernist designed furniture providers. Photo \/ Instagram<\/p>\n
Two parties have registered security interests over the company, Shann NZ and Securities Administration 2016.<\/p>\n
Securities Administration 2016 has a general security agreement (GSA) over the company\u2019s fixed assets, of which the value was withheld, and the company\u2019s intellectual property valued at $305,000.<\/p>\n
The company does have an assigned commercial loan due to Securities Administration 2016 of $50,180.<\/p>\n
As for assets available for preferential creditors, $42,016 is listed by liquidators, including accounts receivable and deposits paid to suppliers. An amount of stock is also held for preferential creditors, although the value has been withheld.<\/p>\n
Preferential creditor claims include $14,589 owed to employees for salary and holiday pay, with another $51,790 owed to the Inland Revenue Department (IRD), totalling $66,379.<\/p>\n
The bulk of money owed by UFL Group is to unsecured creditors, with $270,712 owed in accounts payable and a further $25,412 owed to employees for salary and pay in lieu of notice.<\/p>\n
Another $144,849 is owed in prepayments from customers.<\/p>\n
However, the largest amount owed is for loans to related parties, with liquidators identifying $1,139,853 owed, taking the total owed to unsecured creditors to $1,580,826.<\/p>\n
The company has 60 listed creditors, including the Accident Compensation Corporation (ACC), the Ministry of Primary Industries, New Zealand Customs, One New Zealand, Z Energy and several corporate and furniture-related clients.<\/p>\n
McCullagh and Lawrence gave a tentative completion date of December 2026 for the liquidation, although they noted it was rare for liquidations to be completed within six months.<\/p>\n
The company posted on its Instagram page in March advertising an extensive warehouse sale prior to liquidation.<\/p>\n
Tom Raynel is a multimedia business journalist for the Herald, covering small business, retail and tourism.<\/p>\n